By Festus Poquie
ArcelorMittal SA said record iron ore shipments from Liberia were a key driver of its 2025 performance as the global steelmaker reported full year revenue of $61.35 billion and net income of $3.15 billion, a 135.4% increase year on year.
Management attributed part of the turnaround to strategic growth projects — including a Liberia capacity expansion — that delivered incremental EBITDA and improved margins.
The company reported 26.4 million tonnes of iron ore shipments from Liberia. This represents approximately 67% of ArcelorMittal’s 2025 net profit, according to Oracle News Daily calculation.
At typical market prices for seaborne iron ore, that tonnage converts to several billion dollars of revenue, making Liberia a meaningful contributor to company results and cash flow.
Price scenarios and impact (Using 26.4 million tonnes shipped from Liberia)
- At $80/tonne: Liberia revenue = $2.11 billion
- Share of Group revenue ($61.35bn) = 3.4%
- Share of 2025 net profit ($3.15bn) = 67. %
- At $120/tonne: Liberia revenue = $3.17 billion
- Share of Group revenue = 5.2%
- Share of 2025 net profit = 100.6%
- At $160/tonne: Liberia revenue = $4.22 billion
- Share of Group revenue = 6.9%
- Share of 2025 net profit = 134. %
Even at a conservative $80/tonne iron ore price, Liberia shipments represent a multibillion-dollar revenue stream and would account for roughly two thirds of ArcelorMittal’s 2025 net profit — underscoring the strategic importance of the Liberian assets to the Group’s earnings and cash flows.
Higher prevailing iron ore prices would mean the Liberia contribution alone could exceed reported full year net profit, explaining why management highlights Liberia in its strategic growth messaging.
ArcelorMittal’s $200 million allocation to Liberia in the 2026 budget equals roughly 0.33% of Group revenue and about 6.35% of reported 2025 net profit ($200m / $3.15bn).
That level of government receipts or transfers is modest versus Group sales but not insignificant relative to net profit and local economic impact.
A recent Forest Trends assessment of Liberia’s mining sector found that rural communities have been deprived of at least $400 million in legally required benefits while wide gaps in trade reporting and weak enforcement are draining the state of billions of dollars in revenue, leaving villages impoverished as the country’s resources generate large export flows.
